Boston – McCord has leased 58,965 square feet to Aspen Aerogels, Inc. (NYSE:ASPN) for its Advanced Thermal Barrier Center (ATBC) at 870 Donald Lynch Blvd, a former big box retail store, in Metrowest’s Marlborough, MA.
Aspen Aerogels is a technology leader in sustainability and electrification solutions, with products that serve a variety of industries including energy industrial and e-mobility. Aspen Aerogels anticipates occupancy of the new ATBC in the first quarter of 2023.
The deal with Aspen Aerogels is the latest technology and sciences transaction for McCord’s Boston office, following the recent announcement of food-technology company, Motif Foodworks. McCord is continuing to grow its technology and sciences portfolio in strategic locations throughout the northeast and by developing greenfield opportunities at Generation Park, its 4,200-acre legacy development in Houston, Texas.
“When we acquired 870 Donald Lynch, it was a vacant retail building located in the heart of the booming Metrowest technology and sciences ecosystem,” said Quentin Hart, Partner at McCord. “With the tremendous access to talent, logistics infrastructure, and the limited inventory of suitable spaces for this innovative community to grow, we saw the potential this property had to offer. At McCord, we have a track record of both ground-up development and turning unconventional or overlooked properties into fantastic assets for our clients and the surrounding communities. We are delivering that here for Aspen Aerogels.”
Aspen Aerogels’ ATBC will focus on new product introduction of its industry-leading PyroThin® thermal barrier technology and provide engineering support for e-mobility and battery energy storage system (BESS) customers. Aspen Aerogels’ PyroThin thermal barrier materials are designed to maximize lithium-ion battery packs’ performance while optimizing for safety in electric vehicles.
Donald R. Young, President and CEO of Aspen Aerogels, noted, “Unprecedented growth in the electric vehicle market generated the need for Aspen Aerogels to seek a dedicated facility to further support our customers as we continue to innovate on the future of thermal barrier materials. The facility will serve to showcase and develop next generation thermal barriers for and with our OEM customers. McCord’s property is an ideal location as it provides a great place for our workforce and customers, easy access for logistics and talent recruitment, and the opportunity for expansion.”
McCord is redeveloping the property for Aspen Aerogels with architect Ci Design and construction firm BW Kennedy. Representing McCord on the transaction was Phil DiSimone and Andrew Sherman of Kelleher and Sadowsky and representing Aspen Aerogels was Hank Amabile of Beacon Street Realty Advisors and Anthony Caner of Newmark. Financing by HarborOne Bank was arranged by JLL.
McCord is a Houston-based opportunistic real estate company with a longstanding track record of creating substantial value through the acquisition, development, and management of office, industrial, land, single family, and multifamily assets. Since 1973, McCord has acquired or developed over $2 billion in successful projects across the United States.